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Current and deferred tax computation software compliant with accounting and disclosure requirements of IAS 12 / Ind AS 12 / AS 22

Income Taxes

Current and deferred tax computation software compliant with accounting and disclosure requirements of IAS 12 / Ind AS 12 / AS 22

Income Taxes

About

Current Tax and Deferred Tax

The accounting standards IAS 12 / Ind AS 12 / AS 22 – Income taxes require entities to recognize current and deferred tax and present certain disclosures in their financial statements.

Current tax is the income tax payable/recoverable in respect of the current period’s taxable profit/loss. Deferred tax is the income tax payable/recoverable in respect of future periods.

At a broad level, the
accounting standard
requires entities to :

Determine the tax base of assets/liabilities
Identify temporary differences
Determine if an exemption applies
Measure deferred taxes using enacted
or substantively enacted tax rates
Recognize deferred taxes
Present disclosures

DTAX automates current and deferred tax accounting and its corresponding disclosures required as per IAS 12 / Ind AS 12 / AS 22 – Income Taxes. Most importantly, effective tax rate reconciliation is completely automated by DTAX 

Current Challenges

Currently, entities devote a significant amount of time and effort to current and deferred tax computation using spreadsheets. These entities face numerous challenges during this process in the absence of a robust and automated solution.

DTAX helps to overcome these challenges by streamlining the entire process of current and deferred tax calculations and disclosures in compliance with IFRS / Ind AS / AS.

tackle complex challenges

DTAX Workflow

DTAX simplifies the entire current tax and deferred tax calculation process by following a 5-STEP model.

Upload Trial Balance
at entity level

Enter current tax adjustments
(not part of TB) in predefined template

Compute taxable income
and current tax

Deferred Tax is
auto computed.

Download calculations
and disclosures.

Upload Trial Balance
at entity level

Enter current tax adjustments
(not part of TB) in predefined template

Compute taxable income
and current tax

Deferred Tax is
auto computed.

Download calculations
and disclosures.

To experience the benefits of DTAX and see the amount of time you can save, do sign up for a free demo

Why

To streamline your process of current and deferred tax calculations and overcome challenges in the same, you have reached the right place – as DTAX comes loaded with key features like:

a._Automated effective tax rate reconciliation (ETR)

Automated effective tax rate
reconciliation(ETR) along
with other disclosure reports

b._Automated deferred tax calculation

Automated deferred
tax calculation

Consolidated tax computation & disclosures

Consolidated tax computation
& disclosures

Foreign currency conversion to presentation currency

Foreign currency conversion
to presentation currency

e._Trial balance upload to avoid manual inputs.

Trial balance upload to
avoid manual inputs.

Tracking unadjusted MAT credit, losses and unrecognized DTA

Tracking unadjusted MAT credit,
losses and unrecognized DTA

Comparison of tax computations as per financial statements and income tax

Comparison of tax computations
as per financial statements
and income tax

h._Maker-checker in-built feature to ensure accuracy.

Maker-checker in-built
feature to ensure accuracy.

Unlimited users and view access to auditors.

Unlimited users and view
access to auditors.

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